US Equities Markets End Mixed Thursday as Traders Weigh Remarks by Trump

MT Newswires Live
01-24

US benchmark equity indexes ended mixed Thursday as markets weighed the latest remarks by President Donald Trump on interest rates and oil prices.

* President Donald Trump on Thursday pushed for lower interest rates, exerting pressure on the Federal Reserve that has emphasized the importance of making policy decisions independently of the White House.

Speaking remotely before the World Economic Forum in Davos, Switzerland, Trump also said he would ask Saudi Arabia and the Organization of the Petroleum Exporting Countries, or OPEC, to bring down the price of oil.

* US initial jobless claims rose to 223,000 in the week ended Jan. 18 from 217,000 in the previous week, compared with expectations for 220,000 in a survey compiled by Bloomberg. The four-week moving average increased by 750 to 213,500, the US Labor Department said Thursday.

"A rise in claims in California that may reflect the recent fires led an increase in initial jobless claims, but claims remain at levels consistent with relatively few layoffs," Nancy Vanden Houten, lead US economist at Oxford Economics, said in a research note Thursday. "Continued jobless claims, meanwhile, are still somewhat elevated as a slow pace of hiring continues to make it difficult for unemployed workers to find new jobs."

* March West Texas Intermediate crude oil closed down $1.18 to settle at $74.26 per barrel, while March Brent crude, the global benchmark, was last seen down $1.09 to $77.91 despite a report showing a drop in U.S. inventories last week.

* GE Aerospace (GE) shares jumped 6.7% after the company delivered a fourth-quarter beat.

* Electronic Arts (EA) was down nearly 17%. Late Wednesday, the company reported preliminary fiscal Q3 revenue that fell short of market expectations.

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